Kamoa-Kakula Copper Project is less than nine months to first production

Kamoa-Kakula Copper Project achieves another monthly record for underground development with 2,172 metres completed in October; more than 24.7 kilometres now complete – 7.9 km ahead of plan

194,000 tonnes of development ore grading 4.01% copper mined in October, a 48% increase in tonnage over September’s output

Pre-production ore stockpiles now contain approximately one million tonnes grading 3.47% copper

Kakula’s main access tunnels scheduled to be connected in the next two weeks, positioning the mine to significantly accelerate the tonnage of high-grade ore delivered to surface stockpiles

Overall progress of Kamoa-Kakula’s first phase, 3.8 Mtpa mining and milling operation now approximately 58% complete, with first production scheduled for July 2021

Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng “Miles” Sun announced today that underground development at the Kamoa-Kakula Copper Project in the Democratic Republic of Congo (DRC) totalled 2,172 metres in October. This marks another new monthly record and brings total underground development to more than 24.7 kilometres – approximately 7.9 kilometres ahead of schedule.

Mining crews produced a combined 194,000 tonnes of ore in October from the Kakula and Kansoko mines, which was 48% higher than achieved in September. The project’s pre-production surface stockpiles now contain approximately one million tonnes of high-grade and medium-grade ore at an estimated grade of 3.47% copper.

Overall progress of Kamoa-Kakula’s first-phase, 3.8 Mtpa mining and milling operation (covering mine infrastructure, concentrator plant and surface infrastructure) now is approximately 58% complete, up from 52% last month. Construction of the project’s first-phase 3.8 Mtpa concentrator plant is advancing rapidly and now is approximately 28% complete. The concentrator is expected to be mechanically complete in Q2 2021, with first copper concentrate production scheduled for July 2021.

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